Ethereum Founder Vitalik Buterin Addresses Crypto’s Privacy Issue!

inventor of Ethereum Vitalik Buterin, In his latest blog post, he discussed the issue of privacy in Blockchain networks.

Blockchain Since the operation of the technology is similar to an accounting book, the money transfer made by a user can be observed by everyone. Although it is not known who the addresses belong to, if this information is somehow obtained, all financial information is disclosed. Especially BTC and ETH Privacy is a big issue, as giant networks like this are public.

Vitalik, the founder of the second largest crypto network Ethereum, accepted this situation and offered a solution.

How Can the Privacy Problem Be Solved?

Vitalik Buterin prepared a diagram based on two people named Alice and Bob to explain the problem in the current system.

When Bob asks Alice to send him money, Bob first shares his wallet address with the other party. Alice, who receives her wallet address, conveys the amount she needs to send to Bob in this way.

But here is the problem: Bob’s wallet address is now known to Alice. If Alice wishes, she has the opportunity to view the transactions in Bob’s account as she wishes.

Ethereum founder Vitalik Buterin thinks he can solve this problem with a new “hidden address system”. Buterin’s idea was to create a cash flow address instead of a direct wallet address. Thus, the other party will only have an address consisting of a few letters to send the crypto.